Wool Equities sells Softswitch

Wool Equities' restructuring of its investment portfolio has seen it sell its Softswitch company to British company Peratech.

The $500,000 sale was in exchange for a 4.4 per cent slice of Peratech.

Peratech, which owns technology based around pressure sensitive compounds, originally developed the Softswitch technology with Wool Equities' subsidiary Canesis Network.

Wool Equities chief executive Mark Grady said working with the more advanced Peratech range of technologies was a logical step for Softswitch.

As part of the transaction, Wool Equities acquired the Canesis Network stake in Smart Textiles, which held rights to the Softswitch technology that integrates electronics into clothing.

- NZPA